Building a strong, sustainable future

Posted on 07 September 2023

As we publish our latest look back on our performance and activity in the last year (2022-23 financial year), it’s an opportunity to reflect on the work we’re doing to support our customers and to focus on the issues that matter most to them.

“As a charitable organisation, we’ve continued to listen to our customers this year, and work with them as we invested significantly in improving our services and homes, because it’s the right thing to do,” said our Chief Executive Officer, Andy Hulme.

“This led to the creation of a new Operations directorate in December 2022 and piloting of a new neighbourhood approach in the first half of 2023, which will see us working as a single team to deliver a range of joined-up services to our customers and the communities in which they live.

“We also continued to invest in digital services, so customers can engage through their chosen channel, when it suits them.”

Making sure customers’ homes are decent, safe and energy-efficient

“Improving our homes is a key priority for us. We spent £65.9m replacing bathrooms, kitchens, windows and doors, installing new roofs and carrying out cyclical decorations, plus electrical and ‘business as usual’ building safety works. This compares with £55m in 2021-22.

“And we’ll be able to carry out energy-efficiency work to hundreds of homes, thanks to being part of the successful £40.4m Social Housing Decarbonisation Fund bid by the Greener Futures Partnership. We’ll receive about £6m (which we’ll match fund) to improve 951 homes, with new insulation, new doors and windows, and low-carbon heating systems.”

Delivering real social impact

Andy continued: “Our social purpose is fundamental and goes beyond providing homes and being a landlord, it’s also about creating vibrant and sustainable communities. This year we awarded £1.1m in grants through the Hyde Foundation, supporting 9,701 people.”

We’re still building

“It’s also important that we continue to build more affordable housing, so we’re delighted to have started construction of 2,105 homes this year – our highest number of starts ever and more than double the number in 2021-22.

“Along with our strategic partnerships with Homes England and the Greater London Authority, we’re working with our investor partners to build tens of thousands of new homes over the next decade.”

Our Chief Financial and Resources Officer, Rod Holdsworth, explained: “While our overall operating surplus remained static, at £110.3m (2021-22:£110.7m), we saw a managed reduction in core operating margins from £81.7m and 29.5% in 2021-22 to £57.4m and 20.2% this year. This excludes the money we spent on major building safety works and building homes, as well as the revenue from joint venture sales and proceeds from disposing of homes no longer fit for customers’ needs.”

A strong and sustainable future

Mike Kirk, our Group Chair, commented: “The changes we’ve made this year will start to deliver real improvements in service delivery for our customers. We believe our approach to be the best way to enable us to build, maintain and manage even more high quality, safe, sustainable - and importantly, truly affordable - homes in thriving neighbourhoods in the coming years.”

You can read more about our 2022-23 results on our Annual Review pages.